- Founded in 2019, Dukesmead Property Group specialises in acquiring sites to develop state-of-the-art care homes, senior living and assisted living units;
- Kyte Property is a London based property development company that specialises in creating unique boutique living spaces;
- Managed by Abel Leaman and Dion Michael, Grosvenor Hill is a real estate investment and development group specialising in social housing and facilities;
- The £2.25m loan from OakNorth will be used to acquire a former NHS Health Centre in, Bedfordshire, and convert it into a new 18 unit supported living scheme.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £2.25m loan to a new joint venture between Dukesmead Property Group, Kyte Property and returning customer, Grosvenor Hill.
Founded in 2019, and led by a senior Management team, including Rodney Bishop, Dukesmead Property Group specialises in acquiring sites to develop state-of-the-art care homes, senior living and assisted living units. Kyte Property is a London based property development company that specialises in creating unique boutique living spaces across the South East of England. Headquartered in Finchley, North London, the firm’s current and previous projects include the conversion and extension of an old warehouse to 23 apartments and 3,000 ft of commercial space in Queen’s Park and a major residential scheme in Acton Park. Formed in 2022, Grosvenor Hill is a real estate investment and development group specialising in social housing and facilities. The firm is managed by Abel Leaman and Dion Michael, who have a track record and experience within the real estate, investment banking, and social housing sectors.
The £2.25m loan from OakNorth will be used to acquire a former NHS Health Centre in Bedfordshire, and convert it into a new supported living scheme, consisting of 18 one-bedroomed flats. The site is located a short walk from a popular high street and will offer residents with large indoor and outdoor communal areas.
Rodney Bishop, Managing Director at Dukesmead Property Group, said: “We pride ourselves in creating future proof accommodation integrating the most up to date operational and energy saving technology allowing our homes to operate efficiently. With regard to our supported living projects, we always aim to exceed the expectations of our residents, providing them with a sense of community, expert care and a chance to live independently. We’d like to thank Greg and the OakNorth team for their excellent support as we look ahead to strengthening our reputation within the UK’s care market.”
Max Kyte, Chairman of Kyte Property, commented: “Following our launch 15 years ago, we’ve been devoted to our simple mission – to build homes that resonate with the dreams of our clients, and craft environments where memories can flourish. Our latest supported living scheme is the perfect example of this, and we look forward to continuing our partnership with Dukesmead and Grosvenor Hill moving forward. OakNorth’s swift and responsive team played a critical part in getting the transaction over the line and we would be eager to work with them again as we scale our portfolio across the region.”
Dion Michael, Director of Grosvenor Hill, said: “We believe that everyone should have equal access to safe, affordable, and comfortable housing. Our new partnership with the talented team at Dukesmead and Kyte Property, means we’re set to deliver a greater number of truly transformative solutions to tackle the social housing and care crisis. Our relationship with Greg and OakNorth goes back several years, and we knew they would be the ideal funding partner to support our first JV project, given their impressive track record and knowledge of the UK’s social care sector.
Greg Manson, Director of Debt Finance at OakNorth, added: “Our ongoing relationship with
Grosvenor Hill is a testament to the trust and successful collaboration we have built over time. The formation of its joint venture with Dukesmead, Kyte Property and Grosvenor Hill will absolutely contribute towards elevating the standards of social care in Bedfordshire’s local community. We look forward to working with both of them on future transactions, as we continue to strengthen our commitment to supporting the UK retirement living and care sectors.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market (businesses with £1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £11bn to these businesses, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK;
- Provide deposit services to over c.285,000 savers.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588